Inspired by “Deals on Wheels” by Lonnie Scruggs, Andrew Keel started with a single mobile home unit, before being able to acquire his first mobile home park. He started with little money and built his portfolio over time. He now manages 16 communities across six states. Today, he shared how he acquired his first commercial deal and why he likes investing in the Midwest.
Key Insights
Started buying mobile home units inside of a park – known as “Lonnie deals”
Sold them on contract to the end buyer - lease to own model for mobile homes
Evolved to buying mobile home parks
Recessions impacts middle management most
Mobile homes saw flat to positive growth each quarter during the last recession
Built relationship with seller to acquire the property
Spoke to 20 banks and only 2 were serious about financing the loan
Tips for your first commercial loan: Be professional, share your plan and find lenders who have interest in the asset type
Raised $2MM for syndication
In the Midwest, mobile home parks don’t have the same stigma as in other regions
Strong, steady growth in the Midwest without wild swings
Criteria: Metros with 50,000 people, 50 lots or more, city water/sewer
Launched a coaching program to partner with others and improve deal flow
Bull’s Eye Tips:
Most Recommended Book:
5: Where Will You Be Five Years From Now by Kobi Yamadi
Most Recommended Digital/Mobile Resource:
Daily Habit
Working Out Daily
Wish I Knew Starting Out
That It’s Easier to Raise Private Money for Bigger Deals
Wish I Knew Last Year
Time for Concrete for New Homes
Current Curiosity
Article on Burning Man
Best Place to Grab a Bite
Olde Tyme BBQ in Mountain Home, AR
Prato - Orlando
Resources:
Deal on Wheels by Lonnie Scruggs
Connect with Andrew:
Website: KeelTeam.com
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